Insurance industry is beginning to respond to evolving global market

Insurance Industry News

Insurers and reinsurers are adopting a new approach to their markets Insurance and reinsurance companies are beginning to re-evaluate their business models as prices begin to soften throughout the global market. Risks are beginning to evolve and new investors are beginning to power changes within the commercial insurance market. These changes are encouraging companies to change the way they approach their chosen market sectors in order to better accommodate demand and ensure their continued sustainability. Companies are also feeling a greater need to balance their exposure to certain risks, especially…

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Homeowners in California are lacking earthquake insurance

California Earthquake Authority - earthquake insurance

Recent quakes in California highlight the lack of appropriate coverage A recent spate of earthquakes in California has many homeowners worried about whether or not their properties are covered against the damaged caused by these natural disasters. On Friday last week, a 5.1 earthquake struck Southern California. The quake caused modest damage, but homeowners affected by the event are finding that they have to pay for these damages themselves as they lack the appropriate insurance coverage. The vast majority of homeowners insurance policies do not offer protection against earthquakes, but…

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The World’s Most Expensive Insurance Claims

Insurance News on catastrophe insurance losses

Damages add up big time for insurance industry. Insurance policies provide your business with security and assurance that your assets and possessions are accounted for in the event of unfortunate circumstances that directly affect your operations. Problems arise and come in different forms, but during the past decade, certain elements have become regular contributors in creating the most expensive insurance claims. By being able to identify and learn more about these factors, you can figure out if including them in your insurance policy is worth looking into. Natural elements Today’s…

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Cleanup of Fierce Northeast Winter Storm Begins: AIR Worldwide

BOSTON, Feb. 11, 2013 – According to catastrophe modeling firm AIR Worldwide, from New York 500 miles north to Maine and then into Canada, the fierce February 8-9 winter snow storm brought deep snow, high gusting winds, and significant storm surge along the New England coast. An estimated 40 million people have been affected and as of early Monday, there were no reports of substantial structural damage. “The storm developed late Thursday and in the early hours of Friday when a strong coastal disturbance that had developed along the Delmarva…

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Review shows decrease of 30 percent in global mining insurance market capacity, following losses

The mining insurance marketplace was buffeted with losses from every direction in 2011, including $2.7 billion from natural catastrophes, in addition to a total of $835 million from more than 60 operational losses. According to a report from the global insurance broker, Willis Group Holding plc, called the Mining Market Review, the estimate of $3.5 billion in total losses that are faced by insurers in the mining industry has caused the insurance capacity to face a withdrawal of 30 percent since the beginning of last year. The timing of the…

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New risk management tool could fill in the gaps left by conventional catastrophe models

Karen Clark & Company, a catastrophe management firm serving the insurance industry, has developed a new tool that could help insurers manage their risks in a changing world of natural disasters. The past two years have been the most catastrophic years in history in terms of insurance. Natural disasters from both 2010 and 2011 have cost the industry billions and have left it staggered. Insurers are hoping that 2012 will not be as disastrous as its predecessors. If it is, however, they will have a new risk management tool at…

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Natural disasters from 2011 cost private insurance companies over $32 billion

As a result of the insured losses from natural disasters in 2011, private sector insurance companies will have paid over $32 billion in claims to assist businesses and homeowners to rebuild after damages caused by those events. According to the Insurance Information Institute (I.I.I.), this figure breaks the records for all previous years in terms of federal disaster declarations. The I.I.I. president, economist Dr. Robert Hartwig, CPCU, the catastrophes that occurred in the United States in January through September resulted in 32.6 billion in losses that were directly insured. This…

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